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Wells Fargo plans 15-year step-up callable notes with 3% initial rate
By Marisa Wong
Morgantown, W.Va., Dec. 12 – Wells Fargo & Co. plans to price step-up callable notes due Dec. 15, 2032, according to a 424B2 filing with the Securities and Exchange Commission.
Interest will be 3% for the first three years, stepping up to 3.25% on Dec. 15, 2020, to 3.5% on Dec. 15, 2022, to 4% on Dec. 15, 2024, to 4.5% on Dec. 15, 2026, to 5% on Dec. 15, 2028 and to 5.5% on Dec. 15, 2030. Interest will be payable semiannually.
The notes will be callable at par on any quarterly redemption date after three years.
The payout at maturity will be par.
Wells Fargo Securities, LLC is the agent.
The notes will price Dec. 13.
The Cusip number is 95000N3L1.
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